A Brief History of the Blockchain

What is the worst thing we hate about banks? Every time there is a strong need to use their services, we do face super slow and super expensive service which requires numerous operations for completing a single transaction. Moreover, there hardly is a bank we can trust our funds to and keep absolutely calm about their safety.

Customers get so much irritated, scandals gain momentum and both sides of this eternal conflict simply hate each other. We bet all customers have asked themselves a question: Why on Earth should I pay for withdrawing my own cash if there are fees for my card service? Or: Why do they need my bank account details for the past 3 months when I simply want to send cash as a birthday present for my nephew? It seems ridiculous, but that’s what banks do.

First came an idea

And that idea was making all financial operations less complicated and cheap. They say there is a guy, named Satoshi Nakamoto (truly identity unknown), who once made up his mind to change the way our world treats money. He released the whitepaper Bitcoin and described a system that works on the peer-to-peer algorithm. If there is a need to send cash to another person – just click and the recipient will get it in just seconds:

no third person involved;

no extra data needed;

no fear of losing cash.

Every transfer is encrypted and granted with an electronic key which only works for two sides involved in a transaction.

Cryptocurrency

Such platform was developed for Bitcoin only as it was one of the first global steps that made our world think of cryptocurrency as of one of the solid payment method. Back then in 2008 people still believed money was only something they could touch and put into their wallets.

But finally, there was someone to prove there was a safer way of treating our funds. And the world started trying it on for size. And we all know it fits.

Blockchain launch was as massive and important as Internet creation or Armstrong’s first step on the Moon surface. People realized they needed blockchain., an alternative field free from:

governmental control;

banks;

lawyers;

public accountants;

any other responsible specialists.

Is there a need to say everyone wanted blockchain for their purpose?

Blockchain for business

Once there is a launch – there should be further developed. Crypto Platform made a lot of fuss attracting developers and investors from various branches. They wanted this technology adjusted for their basic needs. Blockchain revolutionized the way people lead the business, granting all sides absolute control over the situation: imagine a small business where you offer pies delivery. Clients have to transfer cash to your bank account, choose the filling and set delivery time. After that, they receive their order. No money – no pie. This is the way Blockchain works, considering all protocols and comparing results with tass set. There is no chance of hoax as all moves are reported occasionally. Nobody can change these reports.

The Blockchain is rapidly developing today, dealing with most of the popular cryptocurrencies. Experts say this is just the beginning.